Category Archives: Introduction to Business

1. How does what I have learned help me to understand the relevant SOI?

What I have learned help me understand the SOI because I know that businesses can be held accountable by the society because of their actions when interacting in a global environment. A business can be ethical and unethical through the different decisions they make in order to make their business sustainable, and more involved in the global community.

2. How does what I have learned fit within the relevant global context?

The global context for this unit is fairness and development. What I have learned fits within the global context because when developing a business, there has to be development involved, thus leading to ethical or unethical behaviours. Fairness can come in different ways, as being fair might make a business ethical, but when interacting in a global environment, businesses could be treated differently.

3. How does what I have learned help me to answer the relevant inquiry question(s)?

What I have learned has helped me answer some of the inquiry questions because businesses expand globally by being more involved with society, and interacting with the global community. Businesses can also behave ethically in many ways. For example, they could be more environmentally friendly by tracking their environmental footprint; or businesses could treat their workers fairly, or be more involved in the community in order to show that they are involved in the society.

4. Examples of real-world situations that help explain the content further

An example of being ethical is Gap Inc. Gap Inc has is a clothing brand that is quite well known around the world, and has done some ethical and unethical behaviours over the past few years. Since they have become more interactive with the global environment, they have changed some of their past unethical behaviours into ethical behaviours in order to appeal to a wider audience.

5. An updated diagram or mind map to show how the SOI, inquiry questions and topics fit together

1. How does what I have learned help me to understand the relevant SOI?

What I have learned has helped me understand the SOI because when businesses operate within a system, and is influenced by external factors, some have the same objective, and want to gain superiority over the other businesses.

2. How does what I have learned fit within the relevant global context?

What I have learned fits within the global context because companies have different identities, but some have a similar goal they want to achieve, so this allows a relationship to form, and exist as the businesses try to help each other.

3. How does what I have learned help me to answer the relevant inquiry question(s)?

What I have learned helped me answer some of the inquiry questions because companies can indirectly compete with one another. They do this by offering a different good or service to their customers, but at the same time, satisfying the same need or want.

4. How does what I have learned connect with what I have learned previously to enrich my understanding of the SOI?

What I have learned connects with what I have previously learned because in economics, demand and supply curves shift, and this is depending on the needs or wants of the customers. The competition between companies starts within the market, and as time goes by, markets want to reach and equilibrium point, as they are selling the same product to their customers.

5. Examples of real-world situations that help explain the content further

An example of a direct competition is when the want is a fast food hamburger, and companies like McDonalds have direct competitors such as Burger King and Triple-O’s. An example of an indirect competition is when the want is a fast food hamburger, and companies like McDonalds have indirect competitors such as Jollibee, Subway and KFC.

6. An updated diagram or mind map to show how the SOI, inquiry questions and topics fit together

1. How does what I have learned help me to understand the relevant SOI?

What I have learned has helped me understand the SOI because in economics, different businesses operate within a system, as the quantity supplied and quantity demanded are the factors that causes either the demand curve or supply curve to shift.

2. How does what I have learned fit within the relevant global context?

What I have learned fits in within the global context because the quantity supplied from the producers and quantity demanded from the customers are different identities that are part of a system, and can have a relationship because without the customers demands, the business would have a surplus, as there are too many of the product left, and same applies with businesses not having enough to sell, causing a shortage if customers are demanding more.

3. How does what I have learned help me to answer the relevant inquiry question(s)?

What I have learned has helped me answer some of the inquiry questions because I now know that equilibrium is reached in the market by having the quantity demanded and quantity supplied at the same point, and price is determined by the supply and demand.

4. How does what I have learned connect with what I have learned previously to enrich my understanding of the SOI?

What I have learned connects with what I have previously learned because in order for producers to have products to sell to the consumers, the raw materials need to go through a chain so they can be produced.

5. Examples of real-world situations that help explain the content further

A real-world example of economics is the infant milk formula market, where the world’s constant expanding population, is helping to increase the global demand for infant milk formula.

6. An updated diagram or mind map to show how the SOI, inquiry questions and topics fit together

1. How does what I have learned help me to understand the relevant SOI?

What I have learned has helped me understand the SOI because through the chain of production, and all the sectors it goes through, I know that businesses operate within a system, and this system is through the primary, secondary, tertiary, and quaternary sectors.

2. How does what I have learned fit within the relevant global context?

What I have learned fits in within the global context because in order to have a smooth chain of production, businesses would need different relationships with other companies in the primary and secondary sector in order to produce their product.

3. How does what I have learned help me to answer the relevant inquiry question(s)?

What I have learned has helped me answer some of the inquiry questions because even though the economic sectors are individual, together they fit together to complete the economy. The path that raw materials take to consumers is through the economic sectors, as the raw materials are from the primary sector, which then gets transported through the tertiary sector, and gets to the secondary sector to be manufactured, which then gets brought by the tertiary sector to consumers to purchase.

4. How does what I have learned connect with what I have learned previously to enrich my understanding of the SOI?

In chain of productions, it connects with industries, as different industries have a different way of getting their products to their consumers.

5. Examples of real-world situations that help explain the content further

An example of a chain of production is the production of pencils. Pencils go through a process, and in this process, there are the different economic sectors that make this work, so that businesses can sell the products quickly.

6. An updated diagram or mind map to show how the SOI, inquiry questions and topics fit together

1. How does what I have learned help me to understand the relevant SOI?

What I have learned helped me understand the SOI because different organization types include businesses that either are owned by the state, or not controlled by the state. In these different organization types, they all remain competitive within their sectors.

2. How does what I have learned fit within the relevant global context?

What I have learned fits within the global context because in organization types, it requires time in order to build these organizations, and allow it to become well known.

3. How does what I have learned help me to answer the relevant inquiry question(s)?

There is no optimal form of business ownership, as a business could be good as a partnership, or if it’s a public limited company. Both businesses can achieve different things, as there are different skills that could be learnt from each type.

4. How does what I have learned connect with what I have learned previously to enrich my understanding of the SOI?

In different types of organizations, it leads to the needs and wants of society, as different types could have different focuses and goals they want to achieve.

5. Examples of real-world situations that help explain the content further

An example of a type of organization, more specifically, a non-governmental organization is WWF. This organization is not part of the government, and is independent, as addresses issues to support the public, and to bring concern to a specific topic.

6. An updated diagram or mind map to show how the SOI, inquiry questions and topics fit together

1. How does what I have learned help me to understand the relevant SOI?

What I have learned has helped me understand the SOI because within different industries, entrepreneurs innovate in order to create change. Also, within these industries, businesses remain competitive overtime as they begin to have new ideas and creations.

2. How does what I have learned fit within the relevant global context?

What I have learned fits within the global context because overtime, businesses in each industry will grow, as they start to create new products that draw customers in.

3. How does what I have learned help me to answer the relevant inquiry question(s)?

What I have learned has helped me answer some of the inquiry questions because in industry associations, there is competition between businesses, but they can work together in order to achieve something that benefits both ways, and satisfies both companies.

4. How does what I have learned connect with what I have learned previously to enrich my understanding of the SOI?

Industry associations are often trying to satisfy the needs and wants, so this allows them to remain competitive, as this will create change in the business world, and lead to more innovation.

5. Examples of real-world situations that help explain the content further

An example of an association is the American Cheese Society. They are part of the food industry, as there are a lot more cheese associations, but what each association promotes is different, so they can be competitive, but at the same time help each other since they’re part of the same industry.

6. An updated diagram or mind map to show how the SOI, inquiry questions and topics fit together

1. How does what I have learned help me to understand the relevant SOI?

I think what I have learned has helped me to understand the SOI because inventions is the product being created and innovations get the idea from an invention and creates something that could lead to change.

2. How does what I have learned fit within the relevant global context?

Individuals respond to changing opportunities by innovating an invention in order to allow business forms to evolve.

3. How does what I have learned help me to answer the relevant inquiry question(s)?

Innovation can be driven by opportunities seen in the business world, and individuals become entrepreneurs because these innovations can satisfy needs and wants of people.

4. How does what I have learned connect with what I have learned previously to enrich my understanding of the SOI?

What I have learned has helped me enrich my understanding of the SOI because innovation tries to fulfil needs and wants that aren’t currently being satisfied, and also adds value to the market.

5. Examples of real-world situations that help explain the content further

An example was the invention was the plane, and as technology improved, individuals found ways to satisfy the needs and wants of society, such as having a piece of technology that could capture images, or help with filmography, therefore the innovation was the drone.

6. An updated diagram or mind map to show how the SOI, inquiry questions and topics fit together

1. How does what I have learned help me to understand the relevant SOI?

I think what I have learned has helped me understand the SOI because there are many entrepreneurs in the world, and these people become one because of their drive or motivation that they want to see change.

2. How does what I have learned fit within the relevant global context?

I think what I have learned fits within the relevant global context because entrepreneurs respond to these changing opportunities they see in the business world, and respond to that opportunity in order to see what happens overtime.

3. How does what I have learned help me to answer the relevant inquiry question(s)?

What I have learned has helped me answer the relevant inquiry questions. I’ve learned that the opportunities that are created for entrepreneurs to start a business are the changing opportunities in the market, and entrepreneurs see this as a good thing, and take that opportunity. Individuals become entrepreneurs because of the opportunity to do something different than everyone else, and they can choose their own career path. The traits of a successful entrepreneur doesn’t all have to be the same, as some can have more traits than others.

4. How does what I have learned connect with what I have learned previously to enrich my understanding of the SOI?

What I have learned connects with what I have learned previously because entrepreneurs start their own business, and they do this to create change, and satisfy the needs and wants of others.

5. Examples of real-world situations that help explain the content further

An example of an entrepreneur is Larry Page. He is the co founder of Google, along with Sergey Brin. He saw people’s wants of having an online database that could allow many to find information about almost anything. He is still quite successful till this day, and shows traits of an entrepreneur such as perseverance.

6. An updated diagram or mind map to show how the SOI, inquiry questions and topics fit together

1. How does what I have learned help me to understand the relevant SOI?

I learned that in order to start a business, you need to have innovation, and a drive in order to achieve your goal, and create change.

2. How does what I have learned fit within the relevant global context?

I learned that in order to start a business, you need to create change, and respond to changing opportunities in order to allow the business to evolve.

3. How does what I have learned help me to answer the relevant inquiry question(s)?

I learned that innovation is an important factor in starting a business, as you need a drive or motivation to help you succeed, and the traits of that are needed to be successful as an entrepreneur isn’t always the same, as some have different drives that allow them to create change.

4. How does what I have learned connect with what I have learned previously to enrich my understanding of the SOI?

Starting a business requires the business to understand the needs and wants of the society before creating their business. They also need to know what the meaning of business is in order to create change, and remain competitive.

5. Examples of real-world situations that help explain the content further

Facebook is an example of a business starting to satisfy the needs and wants of society. It’s a social-networking site that is easy for people to create profiles, upload pictures and videos, and allow them to connect with family and friends. This shows that such a simple website has developed change in the world, and is a very well known website now.

6. An updated diagram or mind map to show how the SOI, inquiry questions and topics fit together

1. How does what I have learned help me to understand the relevant SOI?

I think what I have learned has helped me because in order to remain competitive over time, businesses need to satisfy the needs and wants of customers. If they do this, it uses inputs to create a good or service.

2. How does what I have learned fit within the relevant global context?

In our society, supermarkets satisfy our needs, as it provides food and drinks for our everyday lives, and we need food and water to survive. Toy stores satisfy our wants, as it sells toys, and allows children to have an urge to want them.

3. How does what I have learned help me to answer the relevant inquiry question(s)?

I’ve learned that entrepreneurs satisfy the needs and wants of society by creating businesses that provide the needs and wants for them, and the demands of needs and wants also creates opportunities for entrepreneurs to start a business.

4. How does what I have learned connect with what I have learned previously to enrich my understanding of the SOI?

Before, I’ve learned that businesses are a decision-making organizations involved in the process of using inputs to produce goods or services. Now I know that in order to do this, they need to satisfy the needs and wants of the society.

5. Examples of real-world situations that help explain the content further

An example of needs and wants is an activity we did on making a collage for a country, and showing their needs and wants. The country we chose was Canada, and I will upload a picture of our collage as soon as possible, as there is a problem with uploading media.

6. An updated diagram or mind map to show how the SOI, inquiry questions and topics fit together